1st in a series of videos outlining the basics of Day Trading, Showing how an average joe can open an account with 5-20k and make 0-00 a day trading the market. Will show you how i do it, and answer any questions you have. Each day.
What are the simplest day trading tips every trader should know?
I once met a day trader who has been very successful in the markets, and I asked him if there were any golden rules I should apply to my trading.
He told me that there were many rules, but I would not be able to apply them in practice, even if he told me.
Finally I convinced him to let me in on some of his secrets, and he told me, but emphasised that it takes a lot of practice to be able to work with them.
Here are the excellent tips on day trading that he gave me:
1) Watch the trading calendar and never be in a trade ahead of a report.
2) Never trade on FOMC meeting days.
3) If a volatile day is expected, at least stay out of the market during the first hour.
4) Find a trading mentor! No matter how well you think you can trade, the mentor will pinpoint your weaknesses and save you a lot of bad trades, while keeping the good ones going.
And then I thought, that sounds good, but how do I use the trading calendar to predict volatility, and how do I find a mentor that knows all of this, and can answer my every question?
After looking around and talking to many serious traders, I finally decided that I needed some education. I new what I wanted, and finally I found a great educator. Not only do they have a serious and very effective training program, but they also were able to answer so many of my difficult questions. Questions like how do I make sense of the trading calendar, how do I spot dumb money moves, how do I deal with conflicting indicators and many more questions.
Getting educated helped me out a lot, even though I have moved on from their original trading strategy, as I have slightly changed their rules. I combine everything they taught me together with what I learned from others and the results are great.
In fact, the rules mentioned above, are not to be used as hard and fast golden rules. For example I will now trade on FOMC meeting days, but I know that the early session trends to have 90% probability of fizzling out, in fact the whole day will be nothing but false moves.
To a new trader, FOMC meeting days can be so intimidating. Imagine expecting a massive rally to take place, and buying big, only to find that it goes nowhere. Imagine how many unnecessary losses this trader will incur that day.
Getting educated was my best choice ever, it was the best spent money in my life, and it has really paid off ever since! And it’s not just the money; they also saved me a lot of frustration. After attending the mentoring program, I can make a living trading the markets, just 4 days a week. Only 4 days a week! There are others who think, that they have to trade all day long and 7 days a week. And guess what, they give back most of their gains. They make less than they would in my 4 day trading strategy!
Paul Murphy is a passionate and successful trader. Always in search of the best trading systems, and researching ways to help you be the best trader you can possibly be. Discover how to improve your trading performance at his blog: http://www.tradingpowerhouse.com
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UncrownedKing101 27th January 2010
What software is he using?
rothfest 1st February 2010
How do you avoid the PDT rule with less than $25K?
blaquknite63 3rd February 2010
i want to know the answer to this too… but i read in order to be considered a day trader by that rule u must trade like more then 5 times a day five days a week.
i was thinking maybe just do it every other day? and just focus on more longterm stuff on the off days?
bakacornelius 3rd February 2010
Trade thru a prop house (using their capital to get you above 25K), or trade futures. I prefer the latter.
SvetteSeven 6th February 2010
His brain is destroyed, sounds like he’s on crystal meth!
bbo411 11th February 2010
@rothfest
JUST MAKE SURE YOU MAKE NO MORE THAN 3 RTS A WEEK AND YOU WILL BE OK
AnteroX1234 11th February 2010
@MasterBlasterSteele i’ll have to disagree with this
ramiraramira 11th February 2010
i dont uderstand, are you making any money?
froget86 20th February 2010
Hello,
Is it a fisrt time I’m using this strategy and it worked and I would like to know if it ususally works. I bought 2000 shares of BP goes before going exdividend (.84) pero share. and then at the end of the day I bought puts (25) to protect for the possible fall next day…
The result I collected $1680 in dividends and like $50 from the offset between the stock and puts
is this a good strategy? should this work most times?
StockHighlights 25th February 2010
Please check me out on twitter: StockHighlights …. I never waste any1 looking to make money’s time. You will like my insights and market timing skills.
bulletprooftrader 26th February 2010
he should be on prop compain like Hold Brothers
550iChillin 28th February 2010
check out perfectpennystocks (dot) com
i0am0a0daytrader 1st March 2010
watch my channel for more video’s about daytrading and reviews from brokers
MrAmericanAce 1st March 2010
@danzor123 And this is exactly how people go broke.
benfirst 3rd March 2010
Just another wanna be who thinks he’s a hot shot expert. His office is his Dad’s back yard workshop..
dm1133 3rd March 2010
Yeah, that’s why he’s making over 100k.
kimulik5 4th March 2010
Hi! I’m planning to use NinjaTrader as my platform. What data feed provider would you recommend? Doesnt have to be the cheapest. The quality is of an essence. ZenFire is good option but doesn’t do equities. Any recommendations? Many thx indeed.
jasonllapp 5th March 2010
Ya gotta have some balls to do this. Ya Know
I like it
abonawas 6th March 2010
total bullshit…..u cant learn how to be a trader cos thi s is about real money where real fear is at work aall the time…saying i wannabe a trader is like saying i wanna be mozart…..u cant no matter how many friggin music lessons u take….trading is a mental proceess ….fear against hope battle all day long…and no trader ever has come out a winner….market survives on principle of so what new suckers come replace old ones…..good luck
questionablemotives 10th March 2010
market wizards is bad ass though!
ekmann99 10th March 2010
Love Pennystocking? Wanna learn more? Tim Sykes Pennystocking Video (Streaming) – View it here:
tradingvideos(dot) tk
Free Finance&Trading E-books:
financefilez (dot) info
bullworthytrends 10th March 2010
What a bore this guy is!
Don’t day trade – buy good stocks at good prices, and build yourself a small fortune!
Search “Bullworthy” for much more practical, interesting, and instructional videos!
fiodeen 12th March 2010
swing trade works better
trendwhisper 12th March 2010
Day trading is not easy, I’ll stick with Jim Cramer.
aviv2005 13th March 2010
I’ve been following DTRS and let me tell you something about this guys,this guys are for real . They know their craft and they help people achieve their goals. Ex, – DTRC – listed WU Western Union stock as a good buy at 16.55 and, i follow and really did well, all using technical annalists, if you re thinking …like me in becoming a day trade, i certainly recommend his web page and subscription .
Day trading is more of an art than an science .
Thks , DTRS
Sincerely, Eduardo Aviv